TaxTMI 
TaxTMI 
Minutes of the 101st meeting of the Board of Approval for SEZ held on 27th November, 2020 to consider setting up of Special Economic Zones and other miscellaneous proposals
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....o 26.10.2021. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 26.10.2021. 101.2 (ii) Request of M/s Indo UK Healthcare Pvt. Ltd. Sector 19, MIHAN SEZ, Nagpur a unit in MIHAN SEZ for extension of LoA beyond 09.03.2020 upto 09.03.2021. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 09.03.2021. 101.2(iii) Request of M/s. Arya Fin-Trade (IFSC) Pvt. Ltd., for 3rd extension of Letter of Approval in Multi Services SEZ at Ratanpur, District Gandhinagar, Gujarat, developed by M/s. GIFT SEZ Ltd. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 07.03.2021. 101.2(iv) Request of M/s Wockhardt Ltd., a unit at Shendre, Aurangabad, Maharashtra for extension of validity period of LoA for oral solid dosage for human usage for a period of one year upto 24.10.2021. The Board, after deliberations, approved extension of validity of LoA for a period of one year, i.e. up to 24.10.2021. 101.3 Proposal for change of shareholding pattern/ name/change of control/merger (seven proposals) 101.3(i) Request of M/....
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....e with all relevant rules of Revenue/Company Affairs/SEBI etc., which regulate issues like capital gains, equity change, transfer, taxability etc. iv. Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii. The developer shall furnish details of PAN and jurisdictional assessing officer of the developer to CBDT. 101.3(iii) Request of M/s. Festus Properties Pvt. Ltd. (Developer) a sector specific SEZ for IT/ITES at Powai, Mumbai, Maharashtra for approval of change in shareholding pattern of the company. The Board, after deliberations, approved the proposal for....
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....ts; iii. Applicability of and compliance with all relevant rules of Revenue/Company Affairs/SEBI etc., which regulate issues like capital gains, equity change, transfer, taxability etc. iv. Full financial details relating to change in equity/merger, demerger, amalgamation or transfer in ownership etc. shall be furnished immediately to Member (IT), CBDT, Department of Revenue and to the jurisdictional Authority. v. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii. The co-developer shall furnish details of PAN and jurisdictional assessing officer of the codeveloper to CBDT. 101.3 (v) Proposal of M/s. ANSR Global Corporation Pvt. Limited, Co-Developer for merger of their other 2 Co-Developers with their company. The Board, after deliberations, approved the proposal for ....
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....rity. v. The Assessing Officer shall have the right to assess the taxability of the gain/loss arising out of the transfer of equity or merger, demerger, amalgamation, transfer and ownerships etc. as may be applicable and eligibility for deduction under relevant sections of the Income Tax Act, 1961. vi. The applicant shall comply with relevant State Government laws, including those relating to lease of land, as applicable. vii. The developer shall furnish details of PAN and jurisdictional assessing officer of the developer to CBDT. 101.3(vii) Request of M/s. Candor Gurgaon One Realty Projects Pvt. Ltd., developer of IT/ITES SEZ at Village Tikri, Sector-48, Gurugram (Haryana) for change in shareholding pattern of the company. The Board, after deliberations, approved the proposal for change in shareholding pattern subject to approval by relevant statutory bodies with the following conditions:- i. Seamless continuity of the SEZ activities with unaltered responsibilities and obligations for the altered developer entity; ii. Fulfilment of all eligibility criteria applicable to developer, including security clearances etc. by the altered ....
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....he BoA: Sl. No. Name of the Unit Name of the SEZ Material Permitted Quantity Date of Approval 1 M/s. Pharma Zell (India) Pvt. Limited Ramky SEZ Sand 1250 MT 27.10.2020 2 MIs Biocon Biosphere Limited Ramky SEZ River Sand 5000 MT 23.10.2020 3. Aequitas Estones Private Limited APIIC Bldg. Product SEZ Gravel 90,000 Tons 23.10.2020 4. Aequitas Estones Private Limited APIIC Bldg. Product SEZ Sand 15,000 Tons 23.10.2020 The Board, after deliberations, decided to ratify the approval granted by the Development Commissioner under DoC's Instruction dated 18.05.2020 for procurement of restricted item viz. sand, soil etc. subject to the condition that it should be ensured that the allowed items are actually used in the SEZs and all the environmental and other relevant regulations are complied with. (c) Procurement of Sand/Soil by Kandla SEZ units and ratification of approval granted under Delegation of Powers granted to Development Commissioner. The proposal of DC, KASEZ for ratification of approval granted by the DC office for procurement of following items was placed before the BOA: Sr. N....
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....25. Sujan Oil & gas infra logistics Sand Aggregate Malba 10 trucks (400 CFT/truck) 15 Trucks (400 CFT/truck) 2 trucks (400 CFT/truck) 31.07.2020 26. Creative Free Trade Warehousing Pvt Ltd., Reti (Sand) Kankri (Black stone) Kapchi 50 MT 25 MT 25 MT 31.07.2020 27. Transworld Furtichem Pvt Ltd., (Unit I) Reti(Sand) Kankri(Black stone) Kapchi 100 MT 50 MT 50 MT 31.07.2020 28. Om SiddhVinayakImpexPvt Ltd., Sand 5 Ton 31.07.2020 29. Royal Petro Oil Refinery LLP, Sand 24655 kgs 31.07.2020 30. GKN Enterprises Rock pieces 40 trucks 07.08.2020 31. Gokul Overseas Sand 300 MT 07.08.2020 32. RusanPharma Ltd., Sand 600 MT 07.08.2020 33. Ipca Lab Ltd., Sand kapchi 30 MT 30 MT 07.08.2020 34. United Drilling Tools Ltd., Sand Aggregate 10 MT 5 MT 11.08.2020 35. Adinath Warehousing Co. Sand Bricks Blocks Crush metal 15 trucks 15000 pieces 15000 pieces 100 trucks 11.08.2020 36. Maruti Exports Sand Bricks Blocks Crush metal 5 trucks 15000 pieces 15000 pieces 100 trucks 11.08.2020 37.....
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.... to ratify the approval granted by the Development Commissioner under DoC's Instruction dated 18.05.2020 for procurement of restricted item viz. sand, soil etc. subject to the condition that it should be ensured that the allowed items are actually used in the SEZs and all the environmental and other relevant regulations are complied with. (d) Ratification of action taken by DC, GIFT SEZ, Gandhinagar in allowing procurement of restricted item viz. soil from DTA. The proposal of DC, GIFT SEZ for ratification of approval granted by the DC office to M/s GIFT SEZ Ltd. for procurement of 50,000 MTS soil for landscaping, land filling and other infrastructure work was placed before the BoA: The Board, after deliberations, decided to ratify the approval granted by the Development Commissioner under DoC's Instruction dated 18.05.2020 for procurement of sand and soil subject to the condition that it should be ensured that the allowed items are actually used in the SEZs and all the environmental and other relevant regulations are complied with. 101.5 Miscellaneous proposals (four proposals) 101.5(i) No item was listed under Agenda item 101.5(i) inadvertently. 101.5(ii....
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.... 14.09.2020 declining renewal of LoA and the Exit from SEZ Scheme. The Board heard the appellant. The appellant informed the Board that due to domestic problems they could not pay attention towards their export business. The Board observed as follows: • No evidence of any substantial investment has been made by the appellant since the grant of LoA in 2011. • Only a single export of Rs. 0.80 lacs (2015-16) was made during entire five year block period from 2015-2020. • The submissions of the unit have failed to substantiate their claims for a Credible business plan for export performance and compliance of NFE obligation. There is no employee strength with the appellant to operationalize their unit. • Further, JDC, NSEZ informed the Board that the SEZ developer i.e. RIICO had also recommended cancellation of LoA of the unit. The Board, after deliberations, decided to reject the appeal. 101.6(ii) Appeal of M/s. Punam Jewels & Beads Inc. against the decision of the UAC, Noida Special Economic Zone meeting held on 14.09.2020 declining renewal of LoA and the Exit from SEZ Scheme. The Board heard the appellant and took note o....
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....pellant. The appellant informed the Board that due to domestic problems they could not pay attention towards their export business. The Board observed as follows: • A meagre investment of around Rs. 13 lacs has been made by the appellant which mainly comprises of the building. • The unit claims to have made 2-3 lakh rupees export orally but has not submitted any document substantiating this claim. • The meagre investments and exports (claimed to have been made but not substantiated) made in the last twelve years do not give confidence. Infact the Unit had been given additional annual approval window to help them build on their business and export but nothing seems to have been done. • Further, JDC, NSEZ informed the Board that the SEZ developer i.e. RIICO had also recommended cancellation of LOA of the unit. The Board, after deliberations, decided to reject the appeal. 101.6(v) Appeal of M/s. Bairaj International against the decision of the UAC, Noida Special Economic Zone meeting held on 12.10.2020 declining renewal of LoA and directed completion of exit formalities from SEZ Scheme. The Board heard the appellant. The app....